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Started By
Message
Shell pulling the plug on Alaska drilling
Posted on 9/28/15 at 6:41 am
Posted on 9/28/15 at 6:41 am
The hits keep coming for the Oil and Gas industry. This will affect a lot of jobs in La and Alaska as well.
LINK
LINK
quote:
The oil giant said the decision to abandon the $7 billion exploration project also reflected the high costs of the project and “challenging and unpredictable” regulatory environment.
Though the company had high hopes for its exploration program in the Arctic, it maintained it was likely to walk away if it failed to find oil this summer, even though such a decision would be costly. Shell put the balance sheet value of its holdings offshore Alaska at $3 billion, with a further $1.1 billion of future contractual commitments.
5
Posted on 9/28/15 at 6:45 am to Chaos Six
Sounds like more of a swing and miss than anything else. Prayers to the families who will lose jobs over it.
This post was edited on 9/28/15 at 6:46 am
Posted on 9/28/15 at 6:47 am to Chaos Six
tell me more
*scoots closer, smells amazing*
*scoots closer, smells amazing*
Posted on 9/28/15 at 7:00 am to Chaos Six
Between the mountain of red tape and the drop in crude prices it was just a matter of time. An even bigger hit will be when the new BSEE regs come out in Jan for the GOM. The mid to smaller independents were barely getting the margins they needed when oil was 100bbl do to the smaller fields they drill and the gov regs. These new regs will almost ensure a death to the majority of work on the shelf and the smaller companies.
Posted on 9/28/15 at 7:12 am to Chaos Six
Wow, even after flaming liberal himself Obama approved it too. CAPEX to high and cutting into margins in a harsh environment.
Posted on 9/28/15 at 7:25 am to Chaos Six
Another bang-up job by the American government. Way to keep major industries away from or country thanks to extreme unnecessary overburdensome regulations and bullshite red tape coupled with nitpicking unnecessary oversight.
Posted on 9/28/15 at 8:51 am to Breesus
So you're saying this administration wanted to say they were for it in the news, but secretly stack up red tape to where it almost wasn't feasible, and then blame it on the companies for not being able to comply?
Posted on 9/28/15 at 9:09 am to roguetiger15
quote:
Sounds like more of a swing and miss than anything else. Prayers to the families who will lose jobs over it.
It will be a while before anyone really knows outside of Shell and they aint gonna tell the truth.
All anyone knows for sure is the project was uneconomical in this and the near futures price environment. The majors have vast reservoirs just waiting to be "discovered" in the right price environment.
Most of the "new" discoveries are not new at all.
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